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Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded between the old and new bundles. Now suppose that the consumer's income doubles. Graph this situation. Is one or more of the goods inferior? If so, which one it is and why is it considered inferior?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9472865

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